Fitch gives BB- to Canacol, notes

Fitch Ratings said it assigned long-term foreign and local currency issuer default ratings of BB- to Canacol Energy Ltd.

The agency also assigned an expected rating of BB-(EXP) to the company’s proposed seven-year senior unsecured issuance of up to €350 million.

The outlook is stable.

Fitch said the rating reflects Canacol's long-term contracted sales with investment-grade counterparties, low production cost and regional importance for Colombia.

The rating also benefits from the company's robust reserve life followed by adequate capital structure, the agency noted.

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